JOURNAL OF ECONOMICS AND BUSINESS最新文献

{"title":"The effects of types of banks on financial access and income inequality in a heterogeneous sample: A quantile regression analysis","authors":"","doi":"10.1016/j.jeconbus.2024.106197","DOIUrl":"10.1016/j.jeconbus.2024.106197","url":null,"abstract":"<div><p>Over time, a substantial amount of theoretical and empirical economic literature has been devoted to examining the relationship between financial access (a relevant component of financial development) and the distribution of income, with mixed findings. We propose a quantile regression approach to study the importance of financial access on income inequality and the effects of cooperative and commercial banking in shaping the relationship. We use data from 57 developed and developing countries from 2004 to 2019. Financial access has been demonstrated to lessen income inequality and the reduction is greater as income inequality increases. When commercial banks are considered instead of their counterparty, the magnitude of the reduction is greater. On the other hand, cooperative banks and credit unions appear to decrease income inequality in low-income countries as they strive for inclusive financial access. This study might provide new insights for policy makers, as they should facilitate access to capital for the most disadvantaged. This would lead to both a greater development of entrepreneurial skills and a better quality of human capital, as they could acquire a higher level of education.</p></div>","PeriodicalId":47522,"journal":{"name":"JOURNAL OF ECONOMICS AND BUSINESS","volume":null,"pages":null},"PeriodicalIF":3.3,"publicationDate":"2024-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142149204","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Stock returns, industry concentration and firm expenditure decisions","authors":"","doi":"10.1016/j.jeconbus.2024.106195","DOIUrl":"10.1016/j.jeconbus.2024.106195","url":null,"abstract":"<div><p>We build on agency and strategy literature to investigate and explain whether and how changes in stock returns are related to critical managerial expenditure decisions by firms that are consistent and supportive of the firm’s strategy in different industry concentrations. Unlike previous work, our study considers the impact of an extended list of managerial expenditure decisions in the different industry concentration settings. Our research employs a rich panel of firms listed on the UK London Stock Exchange. We find strong support for our postulations. Key managerial expenditure decisions we considered, leverage, inventories turnover, R&amp;D intensity, SGA and fixed asset additions have a differential impact depending on the industry concentration. Our findings add to our understanding of the effect of managerial agency and its integration to strategy on firm stock returns. Managerial expenditure decisions are both constrained by the competitive context as well as strategic logic – both of which impact stock returns. Our study helps managers to prioritize consequential expenditure decisions in different competitive contexts – a key resource for not only weathering crisis periods but optimizing returns to shareholders.</p></div>","PeriodicalId":47522,"journal":{"name":"JOURNAL OF ECONOMICS AND BUSINESS","volume":null,"pages":null},"PeriodicalIF":3.3,"publicationDate":"2024-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0148619524000377/pdfft?md5=32803898497fa5a1df2421ba3a526a85&pid=1-s2.0-S0148619524000377-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141133260","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"ECB communication sentiments: How do they relate to the economic environment and financial markets?","authors":"","doi":"10.1016/j.jeconbus.2024.106198","DOIUrl":"10.1016/j.jeconbus.2024.106198","url":null,"abstract":"<div><p>In this paper we examine multiple dimensions of ECB monetary policy<span> communication by identifying its sentiment and relation with the economic environment and financial markets. We quantify communication sentiment using transcripts from official ECB communication events – press conferences, accounts and Executive Board speeches – as well as media reactions that highlight the key messages of those events. Importantly, we create distinctive lexicons for both of those communication types. We find that the overall trends in the sentiment indices for the analysed communication events closely resemble the movements of monetary policy<span> stance as well as inflation dynamics in the euro area, both before and after the COVID-19 shock period. The communication tone generally shifts in advance of actual monetary policy actions. Using regression analysis, we find some expected, statistically significant effects of press conference sentiment on bank stock prices (information-type shock) and identify the impact of Executive Board speeches on euro area risk-free rates. Fragmentation issues among euro area member states do not seem to be negatively affected by the sentiments of the ECB’s communication. Still, policy makers should be aware that the tone of their communication events is likely to affect particular financial markets. These results are confirmed by various robustness checks.</span></span></p></div>","PeriodicalId":47522,"journal":{"name":"JOURNAL OF ECONOMICS AND BUSINESS","volume":null,"pages":null},"PeriodicalIF":3.3,"publicationDate":"2024-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141407029","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The effects of economic uncertainty and economic policy uncertainty on banks’ loan loss provision in Brazil","authors":"","doi":"10.1016/j.jeconbus.2024.106185","DOIUrl":"10.1016/j.jeconbus.2024.106185","url":null,"abstract":"<div><p><span><span>This paper investigates the effects of economic uncertainty and economic policy uncertainty on banks’ loan loss provision in Brazil, and it seeks to identify which uncertainties have the greatest impact on loan loss provisions. Regarding uncertainties, it is possible to proxy economic uncertainty and economic policy uncertainty through disagreements among professional forecasters and through news-based proxies. Thus, as a novelty, disagreements among professional forecasters are used to proxy both economic and economic policy uncertainties, and for checking robustness, news-based proxies are employed. The disagreements in expectations are divided into two groups: the first focuses on uncertainties related to economic policy instruments (i.e., </span>monetary policy<span> interest rate and primary surplus), and the second on uncertainties related to economic outcomes (i.e., inflation, exchange rate, GDP growth, and public debt). Regarding the news-based proxies of economic policy uncertainty and economic uncertainty, two indicators were employed: the first is the Economic Policy Uncertainty index, and the second is the index of economic uncertainty unrelated to economic policy that we calculate. Based on dynamic </span></span>panel data analysis for 125 Brazilian banks, the findings suggest uncertainties in economic outcomes have greater influence on banking provisions than uncertainties in economic policy. The study validates the results using news-based indexes and a subsample representing the post-global financial crisis period.</p></div>","PeriodicalId":47522,"journal":{"name":"JOURNAL OF ECONOMICS AND BUSINESS","volume":null,"pages":null},"PeriodicalIF":3.3,"publicationDate":"2024-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140792113","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Blockholder voting power and investment decisions: Evidence from cross-border deals in Latin America","authors":"","doi":"10.1016/j.jeconbus.2024.106205","DOIUrl":"10.1016/j.jeconbus.2024.106205","url":null,"abstract":"<div><p>This paper examines the relationship between blockholder coalitions and the probability of completing a cross-border merger and acquisition. Using different power indices based on Shapley-Shubik values for cooperative games for a sample of acquirers' firms from Latin America, our findings indicate an inverted-U-shaped relationship between the voting power of the largest blockholder and the likelihood of completing a cross-border deal. This relationship is strengthened by the number of active blockholders and the participation of institutional investors within coalitions among the top four blockholders, particularly pension fund administrators. Consequently, we observe that colluding blockholders in acquirer firms are more inclined to pursue risky cross-border acquisitions, but only when they possess relatively low levels of voting rights. Additionally, the study highlights a positive moderating effect of cross-border deals with coalition agreements on the long-term value performance of acquiring firms, suggesting that coalition agreements promote overseas acquisitions that enhance value.</p></div>","PeriodicalId":47522,"journal":{"name":"JOURNAL OF ECONOMICS AND BUSINESS","volume":null,"pages":null},"PeriodicalIF":3.3,"publicationDate":"2024-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141848798","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Perception towards government advisory, perceived risk and willingness to invest in cryptocurrency","authors":"Shaista Wasiuzzaman, Ak Md Saiful Luqman Pg Hj Ahmad","doi":"10.1016/j.jeconbus.2024.106208","DOIUrl":"https://doi.org/10.1016/j.jeconbus.2024.106208","url":null,"abstract":"The aim of this study is to investigate the link between investor perception regarding government advisories on cryptocurrencies, their perceived risk of cryptocurrencies and their willingness to invest in cryptocurrencies. The link is examined via Partial Least Squares-Structural Equation Modelling (PLS-SEM) using 212 responses gathered from a survey questionnaire distributed to groups related to cryptocurrency investment in social media platforms over a period of around four months. It is found that the investor’s perception regarding government advisories on cryptocurrencies, which are cautionary in nature, have a significant negative impact on their perception of the risk of cryptocurrencies. Perception regarding government advisories reduces the willingness to invest in cryptocurrencies. However, it is also found that perceived risk does not have any significant influence on the willingness to invest in cryptocurrencies, indicating that although risk perception is heightened as a result of the cautionary government advise, this does not result in a significant reduction in the willingness to invest in cryptocurrencies. Hence, perceived risk does not play a significant mediating role in influencing the effect government advisories have on the willingness to invest in cryptocurrencies.","PeriodicalId":47522,"journal":{"name":"JOURNAL OF ECONOMICS AND BUSINESS","volume":null,"pages":null},"PeriodicalIF":3.8,"publicationDate":"2024-08-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142191534","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Banking sustainability in a large emerging economy: Focus on Brazilian banks","authors":"C. D. De Moraes, Leonardo Vieira Cunha, Juan Camilo Galvis-Ciro","doi":"10.1016/j.jeconbus.2024.106207","DOIUrl":"https://doi.org/10.1016/j.jeconbus.2024.106207","url":null,"abstract":"","PeriodicalId":47522,"journal":{"name":"JOURNAL OF ECONOMICS AND BUSINESS","volume":null,"pages":null},"PeriodicalIF":3.3,"publicationDate":"2024-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141846713","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Panic herding: Analysts' COVID-19 experiences and the interpretation of earnings news","authors":"Matteo Vacca","doi":"10.1016/j.jeconbus.2024.106206","DOIUrl":"https://doi.org/10.1016/j.jeconbus.2024.106206","url":null,"abstract":"","PeriodicalId":47522,"journal":{"name":"JOURNAL OF ECONOMICS AND BUSINESS","volume":null,"pages":null},"PeriodicalIF":3.3,"publicationDate":"2024-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141841265","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Mengungkap Keberhasilan Bisnis Internasional: Strategi Penetrasi Pasar Global Oleh PT Pertamina Lubricants","authors":"Dedi, D. Della, Al Hikmah, Fira Zalfa Nazhifa","doi":"10.61994/econis.v2i1.574","DOIUrl":"https://doi.org/10.61994/econis.v2i1.574","url":null,"abstract":"The lubricants industry is an integral component in the global energy sector with growing demand from various sectors such as automotive, industrial, and transportation. Companies such as PT Pertamina Lubricants play an important role in providing high-quality lubricant products to meet the growing market needs. Despite its success in international expansion, the company is still faced with various complex challenges. This study aims to identify the key factors that play a role in PT Pertamina Lubricantsl's international business success. This research uses a qualitative and descriptive approach, as well as a case study design with PT Pertamina Lubricants as the research subject. The company has demonstrated a strong commitment to exploring global markets, with a focus on competitive product development, innovation and sustainability. Expansion strategies into various countries, effective marketing, investment in innovation and technology, and commitment to environmental sustainability are some of the key factors in their success. By continuing to strengthen these proven strategies and remaining responsive to global market dynamics, PT Pertamina Lubricants can maintain its position as a market leader in the lubricants industry, and achieve sustainable growth in the future.\u0000ABSTRAK\u0000Industri pelumas merupakan komponen integral dalam sektor energi global dengan permintaan yang terus meningkat dari berbagai sektor seperti otomotif, industri, dan transportasi. Perusahaan-perusahaan seperti PT Pertamina Lubricants memainkan peran penting dalam menyediakan produk pelumas berkualitas tinggi untuk memenuhi kebutuhan pasar yang terus berkembang. Meskipun telah sukses dalam ekspansi internasional, perusahaan ini tetap dihadapkan pada berbagai tantangan kompleks. Penelitian ini bertujuan untuk mengidentifikasi faktor-faktor kunci yang berperan dalam kesuksesan bisnis internasional PT Pertamina Lubricantsl. Penelitian ini menggunakan pendekatan kualitatif dan deskriptif, serta desain studi kasus dengan PT Pertamina Lubricants sebagai subjek penelitian. Perusahaan ini telah menunjukkan komitmen yang kuat dalam menjelajahi pasar global, dengan fokus pada pengembangan produk yang kompetitif, inovasi, dan keberlanjutan. Strategi ekspansi ke berbagai negara, pemasaran yang efektif, investasi dalam inovasi dan teknologi, serta komitmen terhadap keberlanjutan lingkungan adalah beberapa faktor kunci dalam kesuksesan mereka. Dengan terus memperkuat strategi-strategi yang telah terbukti berhasil dan tetap responsif terhadap dinamika pasar global, PT Pertamina Lubricants dapat mempertahankan posisinya sebagai pemimpin pasar dalam industri pelumas, serta meraih pertumbuhan yang berkelanjutan dimasa depan.","PeriodicalId":47522,"journal":{"name":"JOURNAL OF ECONOMICS AND BUSINESS","volume":null,"pages":null},"PeriodicalIF":3.8,"publicationDate":"2024-06-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141336142","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Peran Pembiayaan Mikro Syariah dalam Pengembangan Perdagangan di Kehidupan Masyarakat","authors":"Anisa Ulandari, Azimaya Rizkiyah, Try Uswatun, Balqis Ramadani, Dera Efri Yuni","doi":"10.61994/econis.v2i1.450","DOIUrl":"https://doi.org/10.61994/econis.v2i1.450","url":null,"abstract":"ABSTRACT\u0000 Islamic microfinance is one of the important instruments in encouraging the growth of trade in the community. Based on fair and transparent sharia principles, Islamic microfinance offers financial solutions for micro and small businesses that are constrained by access to capital. Islamic microfinance has become one of the important instruments in the development of commerce in people's lives. Based on fair and transparent sharia principles, Islamic microfinance offers alternative solutions for small and medium enterprises that are often constrained by access to capital. This journal will examine the role of Islamic microfinance in the development of trade in various aspects of people's lives. It starts with the definition and basic principles of Islamic microfinance, then discusses its benefits for MSMEs and the wider community. Furthermore, this journal will examine the various Islamic microfinance products and schemes available, as well as the challenges and opportunities for its development in the future.\u0000ABSTRAK\u0000Pembiayaan mikro syariah merupakan salah satu instrumen penting dalam mendorong pertumbuhan perdagangan di kehidupan masyarakat. Berdasarkan prinsip syariah yang adil dan transparan, pembiayaan mikro syariah menawarkan solusi keuangan bagi para pelaku usaha mikro dan kecil yang terkendala akses modal. Pembiayaan mikro syariah telah menjadi salah satu instrumen penting dalam pengembangan perdagangan di kehidupan masyarakat. Berdasarkan prinsip syariah yang adil dan transparan, pembiayaan mikro syariah menawarkan solusi alternatif bagi para pelaku usaha kecil dan menengah (UMKM) yang seringkali terkendala akses permodalan. Jurnal ini akan mengkaji peran pembiayaan mikro syariah dalam pengembangan perdagangan di berbagai aspek kehidupan masyarakat. Dimulai dengan definisi dan prinsip dasar pembiayaan mikro syariah, kemudian membahas manfaatnya bagi UMKM dan masyarakat luas. Selanjutnya, jurnal ini akan menelaah berbagai produk dan skema pembiayaan mikro syariah yang tersedia, serta tantangan dan peluang pengembangannya di masa depan.","PeriodicalId":47522,"journal":{"name":"JOURNAL OF ECONOMICS AND BUSINESS","volume":null,"pages":null},"PeriodicalIF":3.8,"publicationDate":"2024-06-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141341070","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}